Robo-adviser Endowus receives Hong Kong licences, aims to launch in 2022

SINGAPORE-BASED robo-adviser Endowus has received the nod from the Securities and Futures Commission of Hong Kong (SFC) to offer its wealth management and advisory services in the territory, moving its expansion plans forward.

Its chief executive Gregory Van on Tuesday (May 24) told The Business Times that it had received licences under Types 1, 4 and 9 in the first quarter of the year, for dealing and advising in securities, and asset management.

“We are planning for the official launch within this year,” said Van.

Endowus, which crossed S$1.5 billion in assets under management as of December 2021, has appointed Steffanie Yuen as its head of Hong Kong.

According to LinkedIn, Yuen has more than 10 years experience in wealth management and investment banking, and was most recently the managing director of Hong Kong asset management firm Value Partners Group.

The startup is also on the lookout for other key hires. It has hired Rebecca Chan, formerly from investment bank Goldman Sachs, as its Hong Kong business lead from December last year, as seen on LinkedIn.

Its Hong Kong website is also live and currently accepting users to its waitlist.

Founded in 2017, the digital wealth management platform is backed by firms and organisations such as EDBI, the investment arm of Singapore’s Economic Development Board, and Prosus Ventures, the venture investing branch of Netherlands-listed Prosus. Both co-led its latest S$35 million round in November 2021, bringing Endowus’ total 2021 funding to S$67 million.

The startup had in 2021 shared plans to expand beyond Singapore, with Hong Kong as its first stop.

This comes despite headwinds in the Hong Kong market, which has seen family offices and financial institutions leaving the city to set up in Singapore.

And it is not the only platform eyeing the territory. Fellow local robo-adviser Syfe announced on May 17 that it has opened a Hong Kong branch and will begin offering its wealth management services in the city from Jun 1.